Roadmap to Finance Application

Pre-Approval Stream

After the initial conversation held between yourself and the broker:

EXPECT THE BROKER to send you 2 emails within the next 24h:

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Email 1 will have a link for you to fill out a questionnaire with your personal details.

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Email 2 will have a list of supporting documents required for your application, with a link to your finance vault. Kindly upload all the documents in that portal.

After that, WE WILL BE WAITING FOR YOU to complete the questionnaire with as much accurate information as possible and upload the necessary documents. Please note that some documents, like payslips and bank statements, can expire, so we’d greatly appreciate it if you could give prompt attention to this step.

Once we’ve received all the necessary information and supporting documents from you, YOUR BROKER WILL CONDUCT A THOROUGH REVIEW and send over the Credit Proposal. This document will include a comparison of lenders (where possible) and the broker’s final credit advice.

When you receive this document, feel free to call your broker with any questions, or sign it if you are happy to proceed as advised. Signing this document promptly will help us move forward and complete your home loan application on your behalf. Some lenders will require you to do electronic verification of ID and sign the application request electronically - our team will let you know of what to expect.

BROKER ADVICE & CLIENT SIGN OFF:

Our team will forward an email to you containing the broker's recommendation and our credit proposal. If you agree with the strategy outlined, please proceed to sign the privacy consents and application forms. Additionally, kindly accept our credit proposal and the "Disclaimer of No Financial or Tax Advice."

LODGEMENT:

Once you provide all supporting documents and consents, the application (s) will be Lodged.

QUEUE TO ASSESSMENT:

Once lodged, the lender will place your application (s) in the assessment queue. Keep in mind that the processing time may differ based on the complexity of your deal and the volume of applications in progress.

ASSESSMENT STAGE:

In this stage, the lender's assessor may request additional details or clarification. We will contact you if needed. Typically, our experienced brokers have the necessary information to address the assessor's questions.

RELEASE OF OUTCOME:

With the assessment completed, the lender will release a letter to confirm the outcome. 

PRE-APPROVAL LETTER ISSUED:

If the lender is comfortable with the risks associated with your application and interprets that serviceability is evident, the pre-approval letter (approval in principal) will be issued. This document will disclose the maximum loan amount that you are pre-approved for. along with other details (may vary depending on the lender). At this time, we will also know the conditions for formal approval.

MAKE AN OFFER:

With a pre-approval in hand, you can now search for a property. Always keeping in mind the conditions of your pre-approval. Have a discussion with our team before making an offer. Consult with a solicitor or conveyancer before signing any contracts.

OFFER ACCEPTED:

Now that your offer has been accepted, we will proceed to modify your application for full approval. It's important to ensure that you have the fully exchanged contract of sale ready to provide. Subsequently, we will arrange for a property valuation. We strongly recommend consulting with your conveyancer or solicitor. They will carefully assess the contract conditions and associated risks on your behalf. Don't forget to include a finance date and confirm the settlement date in the contract as well.

ASSESSMENT TO FORMAL APPROVAL:

If you do not exceed the pre-approved loan amount, your financial circumstances do not change, and all conditions to formal approval are addressed, the lender will issue the Formal Approval Letter. We will send the letter to you via email. Once you share the letter with your conveyancer, the deal will be unconditional. Our Loan coordinator will take over and assist you and the broker with the process util the loan settes.

LEGAL DOCUMENTS SENT:

The next step involves sending out the loan documents. Some lenders may accept electronic signatures, while others require traditional wet signatures. Our team will carefully review the financial information in these documents.

We will contact you to discuss the financial details within the loan agreement.

ACCEPT LEGAL DOCUMENTS:

Once the financial information is reviewed, you will be instructed to accept the loan offer.

If you have any legal questions, it's advisable to consult a conveyancer or solicitor for guidance.

LOAN DOCUMENTS GET AUTHENTICATED:

Once the loan agreement is accepted and returned to the lender, the bank's settlement agent will conduct a thorough review to ensure all details are accurate. This process results in the certification of the loan documents. A Building insurance will be required at this stage. If your property holds a strata title, you won't need separate building insurance, as it's typically included in the body corporate management.

PREPARATION FOR SETTLEMENT:

We'll collaborate with your conveyancer and the lender to prepare for settlement. Your conveyancer will contact you usually 3 - 4 days before settlement. They will provide a break of the fees involved, including the shortfall funds to complete the purchase. To ensure a smooth process, transfer the necessary shortfall funds to your designated account (or your conveyancer's trust account) at least 3 days before the settlement date. Funds must be cleared in the account at least 1 day prior. Our loan coordinator will oversee this process and assist you as needed.

LOAN SETTLED:

After settlement takes place, you can get your keys!

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You will notice that the Loan amount may take at least 24h to be reflected in your internet Banking. Please contact us if you have any questions!

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POST SETTLEMENT:​

We will continue to monitor interest rates opportunities, so please expect to hear from us. Alternatively, you can reach out if you have any questions at any point after settlement. We have a dedicated team to assist your with post settlement inquiries.